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Ready to buy a new home? Failing to check that a lawyer is on the Foundation list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Foundation Home Loans Conveyancing Panel? How can my firm be reinstated onto the Foundation Home Loans Conveyancing Panel?Find an Approved Solicitor on the Foundation Home Loans Conveyancing Panel
Frequently asked questions relating to the Foundation Home loans Solicitor Panel
I instructed a law firm to conduct the legal paperwork on my house purchase three weeks ago having applied for a mortgage with Foundation Home loans. The firm reassured me that they are on Foundation Home loans conveyancing panel and gave me their panel reference. Foundation Home loans then called me to say that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor listed on the conveyancing panel for Foundation Home loans?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Foundation Home loans as to the time frame to get your lawyer reinstated on the panel once again.
We are approaching an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Foundation Home loans. Apparently, being on the Foundation Home loans conveyancing panel and acting on their behalf he must inform Foundation Home loans if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Foundation Home loans to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Foundation Home loans if you agree, failing which, your lawyer must cease to continue acting.
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Foundation Home loans conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
My grandmother passed away 10 months ago and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Foundation Home loans , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Foundation Home loans will insist on your using a conveyancer on the Foundation Home loans conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Foundation Home loans conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Foundation Home loans mortgage is registered as a charge at the Land Registry.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Foundation Home loans conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
We were going to get a DIP from Foundation Home loans this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Foundation Home loans recommend a solicitor on the Foundation Home loans conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Foundation Home loans conveyancing panel. The solicitor represents both you and the Foundation Home loans through the process.
My existing mortgage is with Foundation Home loans. My grandfather retired last week and wants to pay off the mortgage left on the property. After Foundation Home loans is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Foundation Home loans conveyancing panel? I do not intend to live at the property once the Foundation Home loans mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Foundation Home loans panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
Other Topics
Transfer of Equity for Foundation Home loansPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors